Simplify Asset Management Inc. lessened its holdings in PureCycle Technologies, Inc. (NASDAQ:PCT – Free Report) by 8.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,770,778 shares of the company’s stock after selling 162,786 shares during the period. PureCycle Technologies accounts for approximately 0.1% of Simplify Asset Management Inc.’s portfolio, making the stock its 20th largest holding. Simplify Asset Management Inc. owned approximately 0.98% of PureCycle Technologies worth $9,190,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the business. SWS Partners lifted its stake in PureCycle Technologies by 31.9% in the 4th quarter. SWS Partners now owns 988,463 shares of the company’s stock valued at $8,491,000 after buying an additional 238,947 shares in the last quarter. Drive Wealth Management LLC purchased a new position in PureCycle Technologies during the fourth quarter worth $2,180,000. Indivisible Partners purchased a new position in PureCycle Technologies during the fourth quarter worth $5,803,000. Fortis Group Advisors LLC raised its holdings in shares of PureCycle Technologies by 85.0% in the fourth quarter. Fortis Group Advisors LLC now owns 238,107 shares of the company’s stock worth $2,045,000 after acquiring an additional 109,429 shares during the last quarter. Finally, Ethos Financial Group LLC raised its holdings in shares of PureCycle Technologies by 41.8% in the fourth quarter. Ethos Financial Group LLC now owns 556,773 shares of the company’s stock worth $4,783,000 after acquiring an additional 164,185 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.
PureCycle Technologies Price Performance
PCT stock opened at $7.61 on Friday. PureCycle Technologies, Inc. has a 52-week low of $4.93 and a 52-week high of $17.37. The stock’s fifty day simple moving average is $9.83 and its 200-day simple moving average is $8.67. The company has a quick ratio of 1.57, a current ratio of 1.71 and a debt-to-equity ratio of 47.59. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -5.18 and a beta of 2.50.
Analysts Set New Price Targets
PCT has been the topic of a number of analyst reports. Northland Securities set a $13.00 price objective on PureCycle Technologies in a research note on Friday, June 12th. TD Cowen cut their target price on shares of PureCycle Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Wall Street Zen downgraded shares of PureCycle Technologies from a “sell” rating to a “strong sell” rating in a research note on Sunday, May 10th. Alembic Global Advisors set a $16.00 target price on shares of PureCycle Technologies in a report on Tuesday, June 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PureCycle Technologies in a research note on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.25.
View Our Latest Stock Analysis on PCT
PureCycle Technologies Company Profile
PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.
Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.
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